UK-based Anaphite, which specialises in production technology for battery electrodes, has raised $13.7 million in Series A funding, a statement reports. The round funding was co-led by World Fund, Europe’s leading climate VC, and Maniv, a global early-stage VC focused on decarbonisation of transportation and digitisation of its value chains.
A cohort of top climate investors also joined, including Japan’s only venture capital firm exclusively focused on the environment and energy sectors EEI, and UK innovation agency, Nesta, with further participation from existing investors Elbow Beach Capital, which led the £1.6 million round earlier this year and Wealth Club.
The fresh capital injection will enable Anaphite to scale up and expand their in-house dry coating capability, and fully commission a plant with the capacity to deliver tonnes of the company’s patented composite cathode material. The funding will also support extensive new hires and further R&D investment to expand its technology portfolio.
Craig Douglas, Partner at World Fund, said: “Anaphite’s unique technology and smart, tenacious, market-savvy team are set to disrupt the global EV market. Their technology is genuinely market-leading, and will help the world transition to an eco-mobility future. The team has already made breakthroughs in lithium-ion battery production, and their technology will be applicable to a wide range of new battery technologies, including sodium-ion and solid state. Anaphite has the potential for exponential growth, and we at World Fund are proud to be supporting them as they grow.”
Michael Granoff, Founding Partner at Maniv, commented: “While the cost of batteries has declined precipitously over the last two decades, the raw materials, supply chains, and assembly have all become anomalously concentrated in a single country, China.”We are confident that Anaphite’s proprietary technology finally moves the needle towards a more distributed and resilient battery supply chain, helping Western battery companies and automakers compete in the decades ahead.”